The Aberdeen company has also laid out its reasons for rejecting an 1800p per share offer for Korea National Oil Corporation.

In a document released to the stock market, Dana projected its forecasts for oil production growth and exploration updates.

Using an analysis by independent experts it was suggested the business should be valued between 2270p and 2465p per shareas it could quadruple reserves by the end of 2012.

Colin Goodall, chairman of Dana, said: "For proof that Dana is worth much more than 1800p per share, our shareholders need look no further than KNOC's extraordinary actions.

"For a national oil company to launch a hostile offer without access to detailed technical information, means KNOC must be highly confident that the Dana assets are worth much more than their offer price.

"Knoc has an urgent need for reserves and production to meet its published corporate targets, set by national priorities.

"Dana's assets and operational management teams are of strategic importance to KNOC and Dana shareholders should rightly demand a full and fair value for surrendering control of a strong independent company."

Cross added: "The Dana directors have one overriding priority - to maximise value for all Dana shareholders.

"Since the first moment KNOC approached Dana, we have held out the hand of friendship and asked KNOC repeatedly to hold a proper value discussion with the boardof Dana.

"Knoc has consistently refused this path.

During 2010, Dana is on course to nearly double production to 70,000 barrels per day and growits reservebase significantly.

"KNOC's bid is simply not reflective of the true value of the company."